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World's largest provider of dialysis products and services for patients with kidney failure.
World's largest provider of dialysis products and services for patients with kidney failure.
Earns treatment fees from the clinics it runs, paid mostly by Medicare and other insurers, and sells machines and disposables to its own clinics and others. North America is the largest region. In 2023 it converted from a partnership structure to a regular stock corporation, and former controlling owner Fresenius SE now holds a minority stake.
Moat: wide (scale, installed base, regulatory licence). Largest global dialysis network with vertically integrated products, high patient switching costs.
Headquarters: Bad Homburg, Germany · Founded: 1996 · Employees: 111,024
Size Fresenius Medical Care (FME.DE) is a Germany Health Care company (Medical/Nursing Services) with a market value of $12.6B, the 46th largest of 205 Germany companies the cockpit tracks. Shares closed at €42.23 on 6 Nov 2026.
Performance Over six months the shares gained 14.2%, against +27.7% for the median peer and +2.6% for the Germany market (cap-weighted) — 6th lowest of 19 in its peer set.
Growth Revenue fell 0.5% over the last twelve months (peer median +14.0%); the operating margin is 10.9% (peer median 9.6%).
Valuation It trades at 10.4× forward earnings against a peer median of 22.8× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.3 points above its cost of capital (5.8% WACC).
Backlog Backlog (remaining performance obligations) was €771M at 31 Dec 2025, up 11% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Fresenius Medical Care has 10 bonds outstanding ($6.46B), rated BBB- by the agencies and trading like BBB+ at a weighted spread of 102 bp.
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €19.4B | €19.6B | €19.3B | €19.5B | €19.4B |
| Revenue growth | — | +2% | -1% | 0% | — |
| Gross profit | €5.12B | €5.04B | €4.76B | €4.93B | €5.31B |
| EBITDA | €3.56B | €3.35B | €3.18B | €3.20B | €3.47B |
| Net income | €938M | €978M | €538M | €499M | €673M |
| Free cash flow | €1.78B | €1.77B | €1.69B | €1.94B | €1.44B |
| Capital expenditure | €1.05B | €920M | €708M | €711M | €770M |
| Total debt | €11.0B | €10.8B | €11.0B | €12.1B | €13.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fresenius Medical Care FME.DE | $12.6B | +14% | 0% | 11% | 10.4× | -3.6% |
| DaVita DVA | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% |
| Baxter International BAX | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% |
| NIPRO 8086.T | $1.55B | -9% | +3% | 6% | 14.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FME.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.0% | +10.5% | 6th highest of 20 |
| 6-month return | +14.2% | +27.7% | 6th lowest of 19 |
| Distance from 52-week high | -8.0% | -11.5% | 9th highest of 20 |
| Revenue growth (TTM) | -0.5% | +14.0% | 3rd lowest of 20 |
| Operating margin | 10.9% | 9.6% | 8th highest of 20 |
| Forward P/E | 10.4× | 22.8× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -3.6% | 13.9% | least demanding of 18 |
| Growth delivered (Del g) | +1.9% | +13.4% | 3rd lowest of 18 |
| Hurdle (Req g minus delivered) | -5.5 pp | +0.6 pp | 4th least demanding of 18 |
| ROIC minus cost of capital | +0.3 pp | +0.8 pp | 10th lowest of 20 |
| EV / EBITDA | 6.2× | 15.4× | cheapest of 16 |
| Net debt / EBITDA | 2.8× | 2.8× | 10th least indebted of 19 |
| Bond spread | 102 bp | 101 bp | 3rd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fresenius Medical Care FME.DE | Germany | $12.6B | +14% | 0% | 11% | 10.4× | -3.6% | +1.9% |
| Aier Eye Hospital 300015.SZ | China | $12.5B | -16% | +5% | 21% | 29.5× | 11.7% | +13.4% |
| DaVita DVA | United States | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% | +3.4% |
| BrightSpring Health Services BTSG | United States | $13.4B | +22% | +23% | 4% | 28.3× | 24.2% | +18.3% |
| Encompass Health EHC | United States | $13.5B | +30% | +9% | 18% | 20.5× | 5.6% | +5.0% |
| Ensign ENSG | United States | $10.6B | +6% | +17% | 9% | 21.1× | 12.0% | +16.5% |
| Solventum SOLV | United States | $15.4B | +23% | -1% | 8% | 12.2× | n/a | n/a |
| Sonic Healthcare SHL.AX | Australia | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% | +3.5% |
| Hims & Hers Health HIMS | United States | $6.07B | -8% | +28% | 0% | 128.9× | 54.9% | +73.6% |
| RadNet RDNT | United States | $5.98B | +31% | +19% | 5% | 129.7× | 41.8% | +13.7% |
| Concentra Group Holdings Parent CON | United States | $5.38B | +75% | +14% | 17% | 24.5× | 3.9% | +7.9% |
| BillionToOne BLLN | United States | $5.38B | +54% | +90% | 11% | 144.4× | 26.8% | +90.1% |
| Labcorp LH | United States | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% | 0.0% |
| Koninklijke Philips PHIA.AS | Netherlands | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% | +0.6% |
| Lifestance Health LFST | United States | $5.26B | +79% | +20% | 5% | 62.6× | 37.8% | +30.4% |
| Option Care Health OPCH | United States | $4.74B | +54% | +4% | 6% | 15.6× | 1.5% | +13.2% |
| Medicover MCOV-B.ST | Sweden | $4.14B | +36% | +6% | 7% | 38.3× | 20.8% | +20.2% |
| Dr. Lal PathLabs LALPATHLAB.NS | India | $3.50B | +26% | +17% | 24% | 51.5× | 32.2% | +11.8% |
| Acadia Healthcare ACHC | United States | $3.44B | +47% | +4% | 10% | 18.7× | n/a | n/a |
| Fameglow 3774.HK | Hong Kong | $3.19B | n/a | +36% | 11% | n/a | 48.8% | +48.4% |
Fresenius Medical Care has 10 bonds outstanding with $6.46B face value. The agencies rate it BBB-; its bonds trade like BBB+. Weighted yield 4.43%, a spread of 102 bp over government bonds.
Fresenius Medical Care reported €771M of remaining performance obligations at 31 Dec 2025, up 11% from a year earlier. That is 0.0 years of trailing revenue already under contract.